11. Statement 1. An industrial partner is not exempted from sharing in the loss of the partnership if he is also a capital partner. Statement 2. When a new partner is admitted in the existing partnership, there is no need the consent of all existing partners. Statement- 1 Statement- 2 A. True False B. False False C. False True D. True True

11. Statement 1. An industrial partner is not exempted from sharing in the loss of the partnership if he is also a capital partner. Statement 2. When a new partner is admitted in the existing partnership, there is no need the consent of all existing partners. Statement- 1 Statement- 2 A. True False B. False False C. False True D. True True

SWFT Individual Income Taxes

43rd Edition

ISBN:9780357391365

Author:YOUNG

Publisher:YOUNG

Chapter20: Corporations And Parterships

Section: Chapter Questions

Problem 21DQ

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10. Before the allocation of loss, the following items are allocated first, except:A. Salaries to managing partner C. Interest on partnership’s bank loan B. Bonuses to partners D. Interest on partner’s capital 11. Statement 1. An industrial partner is not exempted from sharing in the loss of the partnership if he is also a capital partner.Statement 2. When a new partner is admitted in the existing partnership, there is no need the consent of all existing partners. Statement- 1 Statement- 2A. True FalseB. False FalseC. False TrueD. True True 12. Mark Javier is an active partner in the Javier & Dela Rosa partnership, receives an annual bonus of 25% the partnership profit after deducting a bonus. For the year ended, December 31, 2021, partnership income before the bonus amounted to 200,000. The amount of bonus given to Mark Javier for the year 2021 would be?Answer: P______________…
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choose the response that correctly the following sentence about an individual partner's outside basis in a partnership. a partner's outside basis? (a) can be less than zero, (b) does not change as long as the partner maintains their partnership interest, (c) is used to apply the basis limitation to losses from a partnership, (d) must be tracked by the partnership.
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